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and controversial figure. back in 2004, he spent $3 million of his own money to help unseat a west virginia state supreme court justice who had ruled against the company. but those contributions triggered a landmark ruling from the u.s. supreme court when the judge who won that election refused to recuse himself from a lawsuit involving massey. however, when that case went back to the west virginia supreme court, that earlier ruling favoring massey and setting aside a $50 million verdict was upheld. david? >> as we get set to send it over to bob pisani on the floor of the new york stock exchange, will we hit 11,000 today? there is a look at the s&p. everything is looking down just a bit in terms of where we were on fair value. take it away, mr. pisani. >> 27 points. david, we were at, what, 10,700 weeks ago. went up 10% in seven weeks. not bad. april is the best month for the dow. it is not january, february. historically the dow is up about 2% on the month already. we're up 1.1%. we'll get the fomc this afternoon. that might put us over the top, only a matter of time from this point on. big move
tirelessly and courageously to find them i spoke with governor manchin of west virginia last night and told him the federal government stands ready to offer whatever assistance is needed in this rescue effort. >> jay gray joins us from montcoal, west virginia, with the very latest. jay? >> yeah, melissa. there is some frustration about those questions you talked about. about the safe practices in the mine. viilations over the last couple months for air quality and crumbling walls inside the mine, those kinds of things. over the last year, more than $380,000 in fines, but right now for most here, that's on the back burner. they're more focused on trying to find the four men that are still missing here. that's a process that's going to take some time. what they're going to do is drill 1,100 feet through the mine here to release some of the methane gas which has built up and keeping rescue crews out. miners are trained to rush to when there is any kind of emergency inside the mine shaft, those areas contain, food, water and enough oxygen for them to survive for 96 hours. time is of the essence
were able to get fabulous deals in virginia. spf, perfect play on housing. we also like what goes into housing. pier one, sherwin williams, not to mention sears, whirlpool, stanley black and decker. appliances are on fire here. anything that goes into a home. anybody that sells it, tjx, bd h bath & beyond, smoking. and finally, this is a new one. hotels. marriott reported a fabulous quarter today, beating the consensus by 2 cents a share. on the conference call, marriott talked about how the recovery is happening faster than expected. corporate travel room nights up 16% year over year. business strengthening, starwood symbol hot. another great hotel chain reports next week. i expect good things. our favorite play, winn for its growth potential. newly launched encore. if you bought winn at its low today, you made $5.72. better than a sharp stick in the eye. here's the bottom line. the next time we get a pullback like we got today, and i think we'll get one tomorrow because of onlyson and microsoft. ultra fast growers, aerospace, banks but only with revenue growth, the return to hou
, which one? we have both senators on the phone, senator warner from the great state of virginia, and republican senator kit bond from the great state of missouri. gentlemen, thank you very much. mr. bond, let me begin with you, the republican caucus has changed its position, and has now agreed to unanimous consent to bring this bill to the floor. why? may i ask why, mr. bond? >> it's time we got the details of this bill laid out to the public, larry. i made a speech today, people are making speeches, we need to let the people know what's in the bill, because this bill absolutely cripples main street. we're hearing from back home, and i want the people back home to know what this bill will do to the businesses, to the credit lenders in our state, and i think every member needs to have his or her constituents know. >> are you going to bring this bill to the floor by cooperating with this unanimous consent in order to kill it, or in order to improve it, sir? >> we need to cure it. we need to do a lot of things to cure it. and i believe that there are common sense changes that can b
following that tragic mining explosion in west virginia that killed 25. 9 latest, next. ever want to look over the shoulder of a seasoned stock trader? well, here's your chance... i'm running strategy desk from td ameritrade to set up a trading strategy based on how i think the market's trending-- right now i'm looking at a 20-80 stochastic cross. now, i could be running multiple strategies... my own tweak or some combination-- but for now--this is good... this is strategy desk, advanced technology for traders from td ameritrade. it's designed specifically for traders. with strategy desk i can compare the 20-80 with other strategies and back-test them all. multiple strategies. multiple stocks. over time. and i can look at that at the symbol level or have it charted out for me more visually. and i'm not trading on emotion... a buy here...a sell here... there you go. i just hit a buy point and strategy desk fired off a trade. once you trade with it... you won't want to trade without it. td ameritrade. independence is the spirit that drives america's most successful investors. announcer: tra
. nicole. >>> in the united states, 25 people have been killed in a blast in west virginia. four people are still unaccounted for and rescue operations have been halted. the blast happened monday afternoon at the upper branch mine. the cause is unknown, but the mine has a history of violations for not properly ventilating highly combustible gas. massey fell more than 5% in after hours trading. >>> the finance chairman will be watching china's currency practices closely in the next week to decide on what legislation congress should pass on the issue. saturday, treshgry secretary timothy geithner delayed that decision on whether or not to actually delay their call on china, manipulating its currency. but baucus is concerned that that decision basically repeats the same failed approach to u.s.-china economic policy. >>> and a big congratulations to the men's university men's basketball team. they held on to beat the butler bulldogs, 61-59 monday night. duke coach mike khechevski led the team. new other than of the new york mets wants to payed 15 million to leave the nets, but coach k says,
box" and the latest from the massey mine in west virginia where four miners remain missing. >>> good morning. welcome back to squawk here on cnbc. i'm kcarl quintanilla along wit michelle crusoe cabrera and andrew ross sorkin. >>> our top story today, an explosion rimming through a west virginia before mine owned by massey energy. four miners are missing deep journd ground and 25 are dead. federal records show it has three fatalities since 19 the 8. massey is the largest coal producer in central appalachia. we're still waiting for updates from the governor. the mine safety health administration is on-site and we're hoping that at least the four that are missing can be saved. there are air tight chambers within the mine that you can get to. there's oxygen, there's food, you can live for up to four days. but the issue st whether or not they were able to get to those chambers in time. >> historically, a very dangerous job to have. but certainly this will, again, put a laser-like focus on whether or not they're doing enough to be safe there. >> what is the insurance business like, do you
investigation of what happened in the west virginia coal mining accident as well. so, there is all sorts of things where the government is involved in investigations or potential investigations out there which is part of the whole reputational risk and risk going forward. >> and all of the risk that is playing in the equity market, and on the flipside, it is having a real positive effect here with commodities, and it is not the only reason why we are seeing the commodities higher today, but the concerns out there, and the fact that particularly in the gold markets people don't know what is going to happen with greece. they want to cover themselves in terms of being in a safe haven and looking to gold, and that has gold prices today closing for a record of the year where we are above 1180 and we will see 1200 like we did in december which is the way that the gold is going. in other commodities the risk trade is back on and this is not counting with bp and the impact it is having on oil prices and the psychological support there. >> yes, a great point, because gold once again acting as the
virginia. he says indiana as in in to in. he always sounds like -- mr. west virginia john chambers is one of the most conservative in the kurnt acountry and when he business is good no one listened. just like the force horsemen, oracle, microsoft, before it became the new horsemen of google and amazon -- i have to tell you, i think underratesed cisco is about to explode upward. i need to go to brad in my home state of pen, brad. >> caller: hey, jim, big phillies boo-yah to you. >> we go tonight, and let's hope jimmy rollins gets better fast boo-yah right back at you. >> caller: china integrated energy. they have strong growth in both earnings and revenue. they've got a good p/e ratio. they're expanding and they're doing it with cash. dax.com has them as a strong buy. what do you think? >> all right. we're philadelphians, you and me. we don't like to lose money and secondly we don't like bums. i think a lost chinese stocks that have been issued in the last two years look to me like the '64 phillies. they do not look to me like the 2010 phillies. i think they are companies that give up the
. it owns metallurgical coking coal pants in virginia, indiana ohio and illinois along with metallurgical coal mines in virginia and west virginia. you know we like this. we like met coal. how about that play we had in walter energy? now, last quarter this segment's earnings were up 179% from a year ago, up 123% from the previous quarter. the business is a hidden gem. remember, we're doing break-up value analysis here, especially now that met coal is out of control demand side and supply's limited. and it's being revamped by an aggressive -- this is sunoco's being revamped by an aggressive new management team led by lynn elsonhans, who is by the way very welcome on our show. took over as ceo in august 2008. but they've been slashing costs, raising cash, monetizing logistics assets, closing underperforming refiners, doing everything right to look like to me, bring out the value maybe break up the company. here's the bottom line. if casey's general is worth 2 billion, then you'd better believe that sunoco as sets which have better scale on the retail side are massively undervalued by this $
drilling. you know, the states are in big financial trouble right now in virginia where i live, they see this as a way of raising money for the state. it's a great way to save money when you don't have to cut government services. >> steve, i'll tell you, on the west coast and most of the east coast, these are very unpopular programs. that's why you see no -- >> not in virginia. >> and that's why you see a little bit more drilling going on -- in fact, the obama proposal keeps itself to the mid-atlantic. >> robert reich, the states need all the enhanced offshore drilling royalties in order to offset the continued ripoff of the government union pension plans, which are down by $3 trillion to $4 trillion. if i were a liberal democrat and i love these government unions who are making twice as much as their private sector counterparts, i would say offshore drilling royalties is the only way out. >> that's right. i think you're absolutely wrong. first of all, you're not taking account of the political reality that offshore drilling is enormously unpopular with most of the citizens and most of t
. meantime, northrop grumman is moving its headquarters, relocating to the virginia suburbs california. company is said to want to be closer. bob mcdonnell will make an announcement on that today. >>> general motors reportedly choosing its engine plant outside buffalo, new york, to build a new v-8 engine. that news conference is planned today. they will be announcing a $400 million investment for a next generation engine and the venture is expected to create or retain more than 700 jobs. >>> the president's commission on national fiscal responsibility on reform will meet this morning. joining us is a member of the special commission, also a member of the budget and finance committees and, jeb, thank you forp joining us this morning. what are you expecting in this meeting? >> well, that's a good question. like i approach most things in washington, i go in with high hopes and low expectations. high hopes, we have a very serious spending crisis that ultimately our spending is unsustainable and we are going to have lower per capita gdp if we don't do something about it. some of these commi
of the west virginia mine explosion and has recovered the bodies of seven. the company continuing to face major scrutiny days after that major accident. hampton pearson joins us with the latest. >> while the rescue effort goes on in west virginia, massey energy is under fire from both wall street and organized labor. with the labor department just announcing a special team to investigate the explosion. in addition to the 10% hit the stock took yesterday, massey shares are losing more ground today. s&p is saying it might cut massey's bond rating already three ratings below investment grade because the mine disaster might trigger regulatory scrutiny. it is estimated it could lose $50 million in earning due to lost production at the west virginia mine. the coal mining giant continues to come under fire for its safety record at the upper big branch mine. today afl-cio omanager weighing in saying "massey mine and its ceo don blankenship have been cited for over 450 safety violations. massey paid over $1 million in fines in the past year alone. and has failed to pay out hundreds of thousands of
with lou in virginia. they're louin. lou. oh, lou, come on, man. >> caller: this is ed. >> you're up, lou, go ahead. lou? >> caller: this is ed in illinois. >> oh, ed. ed in illinois. fantastic. what's up? >> caller: hey, jim, boo-yah. this is lou from northern virginia. >> oh, my god sister, brother -- lou, ed, ed, lou, go ahead. >> caller: i have a cousin in california that's telling me aone is a good stock to buy. do i have a smart cousin? >> no. no. well, maybe we shouldn't just grade him on this. maybe he has other attributes that are positive. but it certainly isn't this one. i can't tell you to sell your cousin. i can tell you to sell aone. let's go to jesse in new york. jesse. >> caller: hey, jim. want to give you a big long island, new york giant boo-yah! >> well, i like that peter, paul rob peter played paul guy that you drafted. >> caller: the company -- revised price target upward to around $21. what do you think, jim? >> interrupts my whole analysts of the nfl draft. mel kuiper jr. and i were talking all weekend. but you know what? you're going to have to go to the espn speci
news out of west virginia, where four coal miners are still missing after an explosion which killed 25 others yesterday. nbc's tom costello joins us live live from west virginia with the details. >> reporter: hi, larry. this is a real race against time. right now the search teams and the rescue teams are drilling 1,000 feet into the ground from up on top of the mountain to try to drill into the mine. once they have the bore holes drilled -- and it won't be until midafternoon tomorrow -- once they have the bore holes drilled, they'll try to flush air in there and allow the methane gas in the mine to vent out. they're also hoping they can drop a microphone down and looking for tapping. the miners here yesterday, we now know at least 25 are dead.
of the ticketing practices. it's amazing. >>> when we come back, the mining accident in west virginia raising some more safety concerns. the congressman from the state's third district will tell us how the industry should react to this incident and other violations when "squawk box" comes right back. 00-345-2550 every online equity trade is now $8.95 tdd# 1-800-345-2550 no matter your account balance, how often you trade tdd# 1-800-345-2550 or how many shares... tdd# 1-800-345-2550 you pay what they pay what everyone pays: $8.95. tdd# 1-800-345-2550 and you still get all the help tdd# 1-800-345-2550 t you expect from schwab tdd# 1-800-345-2550 millions of investors. one price. tdd# 1-800-345-2550 at charles schwab... tdd# 1-800-345-2550 investors rule. tdd# 1-800-345-2550 are you ready to rule? >>> checking the dow futures right now, they indicate a lower open. not by much, though, if you were to include fair value. next, we set up the trading day. the treasury auction at 1:00 during "power lunch." what it's going to move for the dow's move toward 11,000. >>> and then west virginia congressman nic
virginia now giving a press conference on the worst u.s. mine disaster in more than 20 years. in the town of montcoal, west virginia, at least 25 miners dead now in an explosion and four others are still missing. this mine is owned by massey energy which has had its share of osafety violations in recent years. hampton pearson has more now. >> hello, tyler. massey energy safety record will be scrutinized why the exact cause of this tragedy goes on. last year inspectors found more than 450 violations and fined massey in excess of $382,000 related to problems involving its ventilation equipment plan at the upper big branch mine where this latest tragedy has, in fact, occurred. the second time in four years coal miners has died. the death of two miners in 2006 triggered a then record $1.5 million fine from federal mine safety regulators. in the last three years massey the largest coal minor has been cited for multiple violations. a union mine safety expert says there's a reason those mines and others stay open. >> operators have learned that they can beat the system by doing this. to avoid ho
killed in a coal mine explosion in west virginia, the worst u.s. mine disaster since 1984. 24 people are unaccounted for. the blast happened on monday afternoon at the upper big branch mine, about 30 miles south of charleston. the mine has a history of violations for not properly ventilating highly combustible methane gas. shares fell about 5% in after hours trading. >>> an aid to senator max baucus now says that the committee chair will be watching china closely in the next couple of weeks. on saturday, baucus is concerned that the decision repeats the same failed approach to u.s.-china economic policy, lou. >> cnbc and continental research have just released a poll of business leaders. it asked which of the following economic policies they believe the next government should pursue to tackle the uk deficit. cutting spending and dealing with the deficit immediately after the election or wait until after the economy is stabilized and then act? most respondents, they believe cutting spending and reducing the deficit after the election is the top priority. the survey asked which leader
is eric smith, a teacher out in west virginia signing on the dotted line offering the seller over the asking price. he says he would have bought it without the tax credit, but it helped. >> it is going to allow me the extra money that i can use to make other investments in the home, itself, as far as improvement to it, and help me to get some furniture for downstairs and thing likes that. >> so, all of the big homebuilders have countdown clocks to push the final buyers off of the fence into contracts. lamar is keeping many of the offices open until 10:00 tonight and all you need is a $25 down payment to buy a home. ryeland homes is offering to double the tax break, and they are pushing hard, because they are not getting the bump last november when the tax credit originally expired. you can see the volume rising as the tax credit went into effect, and peaking in november and december and dropping off vociferously. we are not seeing the same volume as march, because so much demand pulled forward. the government stimulus in housing is going beyond the crash again. the tax credit may
in placeness pennsylvania and west virginia, where they're starting the shale gas plays, and not only trying to get the jobs from engineering and getting the gas out of the ground, but also from some of the services that are tied to it, whether it's legal services, professional services, so that's an interesting area where we are seeing some job growth. >> and the nucleus story, the shale story. go ahead, bob. >> just putting up the energy complex there, sharon, energy at dler 895, oil at $85, remember when oil hit $100, remember what happened to retail sales? >> they came out with a report -- >> that's your worry, exactly. >> every trader i talked to who trades oil for a living cannot believe that oil prices are this high. they're just going with the tape, but the fact remains will the consumer be able to withstand $85, $90 oil, which means $3 at the pump, $4 at the pmp. i don't think so. they look for a washout perhaps in the oil market, but that's provided the financial interests and folks trading this because they want this asset class, don't keep driving it higher. >> but you know -- >>
virginia this month. do you think that the hor ryon is -- horizon is going to be filled with new challenges? >> well, we are highly regulated industry, and we will continue to see additional regulations and standards as we improve, and we have a track record within peabody of improving our safety for five years in a row now, but we are always looking for better ways and methods to maintain a more safe environment, whether it is in the surface or the the underground operations not only here but in australia, and then as we begin to operations in some of the emerging or new markets for us such as china. >> i guess that the question is, given the tighter regulatory environment that may very well result in some of the actions and the rhetoric coming out of wkt, particularly in u.s., does that impact your margins or impact your expenses? >> sure. any time we have certain changes in the regulatory or the safety environment, it does add costs. that's not an issue for us. i mean, the issue that you want to provide the safest environment for our employees both underground and at the surface operatio
their budgets, you see it in new jersey, and in virginia. they're balancing their budgets by making the tough cuts. nothing like that has happened in washington to make government work -- >> i want to make sure we understand the magnitude -- >> wait a minute, wait a minute. >> hang on, bob. i know, but look. >> when the states are cutting by $250 billion over two years, that's a fiscal drag. >> no, no, they're becoming more efficient. it's an efficiency game. i totally disagree with that. it's basically making state and local governments more efficient. they're delivering services at a lower costs. that's what businesses do. >> but you supply-siders seem to think that imaginically the demand side will take care of itself. that is dreaming. that's on another planet. >> listen, i don't know whether government spending -- >> unemployment at 9.7%. people need jobs. >> i want to create jobs. i want to -- >> one more thing. >> hang on. i want demand and i want supply and growth. >> one more point. >> hang on, robert. robert, i want to address your criticism. i'm for demand, and i'm for supply. >> a
hear this sound, the lightning round is over. are you ready, skee-daddy. alan in virginia. alan? >> caller: hey, a big boo-yah to you, mr. cramer. >> what's up? >> caller: sandridge energy. >> everybody is hating this. they're all piling out. i say buy, buy, buy! it's a high quality stock. look what apache did today. mariner energy. i think the stock is -- it looks like it's in a permanent down trend. i'm getting bullish, not bearish. burton in pennsylvania. >> got to get a big boo-yah to ya. listen, dude, i know you' got advi visa in your charitable trust fund but i'm calling about american express, dude. >> listen, dude-alicious, american express had a big spike. i'm a little uncomfortable here at 46. in the high 30s, i was all over it. but you know what, at this point, we need a pullback in american express. it's up too much on the spike. i love credit cards, that's why i'm sticking with visa. i continue to think that jpmorgan is a monster on the midway. my take is american express, not up here. max from vermont. max? >> jimmy, boo-yah! >> we have not had a vermont call reall
's a new era right now. the state i live in, virginia, we're spending in 2011 what we spent in 2006. we have to do that at the federal level. >> there you go. like a small business, if the income is not coming in, you've got to tighten expenses. >> that's it. >> value-added taxes, carbon taxes, payroll taxes, we're going to tax ourself to death. where is the emergency spending, alex? >> what we should be doing is doing a cost benefit calculus to figure out which of these programs are producing enough benefit to justify the cost of paying for them and which aren't. reagan said he wanted to abolish the energy department. that would be a great idea. >> we did, by the way. we did get rid of synthetic fuels. i was there. i helped do it with my friend, ed cox. you're right. you got me. i wish it weren't so. but len, cost benefit analysis, we've done a million studies. the grace commission, we basically know where to go. we could cut the heck out of this budget and we won't. the revolt with the tea parties and others is so important. i don't think it's a tax hike message. >> i'm sure. >> it's
in west virginia that happened about three weeks ago. all of this weighing on the market. people don't know exactly what's going on. good news follow up on the home builders. generally orders have been improving here. horton 55% improvement overall in the net orders. that's an excellent metric and generally they have been improving. ryland one of the companies only disappointing. chevron same story here. higher oil prices have helped the upstream production but good news in chemical and even, larry, refining is starting to get better and you know what a disaster that has been for a while. >> investors are digesting a lot of important economic data today, manufacturing, consumer confidence and the big guy, a first look at first quarter gdp. number coming in shy of estimates and still a lot of positive nuggets in the report. steve liesman will tell us whether we're on the road to v-shape recovery and we even have breaking news on the fed. all eyes turn to mr. liesman. good morning, steve. >> the fed is finalizing the rules for the term deposits. one of the terms it use to drain liquidi
in the big mining explosion in west virginia that killed five employees is now facing new shareholders lawsuits and both are not helping the cases for new energy sources. on monday, i spoke with oil and gas executive boone pickens about the prospects of clean energy. >> well, we have plenty of natural gas, and over 200-year-supply of natural gas and we are fools if we don't use the natural gas for heavy duty trucks. >> so, will the mining disaster and the oil rig explosion explore new clean energy industries? we have john kill dodolf, and m from the trust company. and now, the coal accident, and the refinely accident, and why could these two accidents have not happened at a worse time, john? >> well, it is a rough patch, maria, and to boone's point, shale gas does not come to us with clean hands either. there is a backlash to it because of the chemicals used to help fracture some of to shale rock to get the gas out. the environmentalists were put back on their back feet to a degree because of the high energy prices and the energy crisis and now they will come at us ferociously in stopp
county, west virginia. tough story. state mining officials say six are dead and 21 people are still missing. massey says information regarding injuries is uncertain at this time. rescue teams and state and federal authorities are responding. as you can see from this chart, massey's stock dipped about 4% when the news came out at the end of the after hours session. we'll keep you updated as we learn more. this is a very difficult coal mining accident story. all right. tomorrow morning, by the way, here on cnbc, be sure to catch steve liesman, he's got an interview with jeffrey lacquer of the richmond fed on "squawk box" at 7:00 a.m. so get up early and watch steve liesman. >>> coming up here, tiger speaks at a masters news conference, but i want to know is he going to hit a 12 step meeting today or this evening? darren rovell will join us when the kudlow report comes right back and we'll talk tea party later in the program. what are their key planks to wake up the republicans? you're watch of watching cnbc, first in business worldwide. >>> in other news, the treasury department is bo
it. i'll be there. let's go to patricia in virginia! patricia! >> caller: boo-yah from charlottesville, jim. >> charlottesville. >> caller: my stock is halliburton, hal. >> let me give you a jeffersonian answer. i think that stock's created eke well a lot of other drilling companies. i know they're doing some terrific -- [ buzzer ] oh, come on. this isn't abe lincoln. i'm talking about jefferson. the guy on the nickel. let me tell you something. that guy, that's so fabulous, i've got to recommend the stock. jonathan in florida. jonathan. jonathan? >> caller: yes. >> you're up, jonathan. hit me! >> caller: jim, big boo-yah from hurricane country, miami, florida. >> wow. >> caller: yeah. you're a crazy nut, but i love it. listen, i know you're not a fan -- >> now, wait a second! wait a second! i think i'm a ridiculously crazy nut. i resent the implication. >> caller: don't resent it because you're the man, baby. listen -- >> okay. thank you. >> caller: i know you're not a fan of china right now. but cagt. china agritech. >> i've been a believer ever since i realized when
. massey drills have broken through in west virginia. that happened earlier today but rescuers detected no sign of the four miners missing since an explosion killed 25 people in the worst mine disaster in 25 years. hopes were dimming that the men would be found alive a u.s. official said more drilling is needed. as for massey its stock lost another 4% after s&p said it might cut the company's ratings. trading down 3.3%, melissa. >>> when we come back, the dow finding it difficult to get to the 11,000 mark. we'll discuss whether it's a new resistance level. >>> spirit airlines charging up to 30 bucks each way for carry-on bags. is this outrageous or good business sense? >>> welcome back to "the call." i'm matt nesto. big lots, big move, up 3% right now on big volume. 125% of what it does in a normal di. we've done more than 1.4 million shares so far. interesting the stock is not at a five-year high or ten-year high and approaching a 12-year high. big lots $3 billion market cap up 32% year to date with 10% interest has a lot of investors sweating. trish, back to you. >> thank you, mr. nes
is going to speak about justice steve sxens the situation with the west virginia mining accident as well. as soon as that happens, we will bring it to you live. >> i have a question for you about dow 11,000. we are 40 points away. can we expect any comment from the government if we hit that mark? >> i have been talking to folks at the white house today. i think that you can expect that whenever the -- dow goes over 11,000 you are not going to hear all that much out of the white house. there's not a lot of political upside for them in talking about dow 11,000. if you own the upside then you own the downside, too. you have to talk about it when it goes down. >> john harwood, do you think ammann is right. with stevens pushed out because they want to get this done before the election? i mean, that would go suggest that they are quite fearful about what would happen. >> i doubt it. i don't think you can persia supreme court justice. this guy has been there for 34 years. he has been interesting for some time that he will do this. so i think that he -- but he -- he realizes the political realit
is over. are you ready, skee-daddy. the lightning round. i'm going to start with allen in virginia. allen? >> caller: hey, a big boo-yah to you, mr. cramer. >> what's up? >> caller: i was interested in sandridge energy. >> everybody is hating this. because of the acquisition. they're all piling out. i say buy, buy, buy! it's a high quality stock. i love it. look what apache did today. mariner energy. i think the stock is -- it looks like it's in a permanent down trend. i'm getting bullish, not bearish. burton in pennsylvania. burton? >> caller: oh, cramer, first things first. got to give you a big boo-yah too you. >> i'm loving that. i'm loving a keystone boo-yah. how can i help you, partner. >> caller: listen. i know you've got visa in your charitable trust. but i'm calling you about axp, american express, dude. >> listen, dude-alicious, american express had a big spike. i got to tell you. i'm a little uncomfortable here at 46. at 42, in the high 30s, i was all over it. but you know what, at this point, we need a pullback in american express. it's up too much on the spike. i love credit
be bought here. i think the stock could go to the 50s. let's go to david in virginia. david! >> caller: hey, jimbo, a united states navy boo-yah! >> a thank you for serving boo-yah. how can i help? >> caller: i want to know about citibank. you mentioned it a little while ago, and i want to know if it's going to make it to $10 -- >> i think this stock goes higher. i would dare to say it goes much higher. book value p $5. am i still using my 2012 target? you bet i am. but it's going to be december 12012. monday negative articles in the paper. today negative articles in the paper. what happens? the stock either goes higher or stays the same. when the government clears out the stock's going to take off. i want you to buy citi right here. >> caller: yabba dabba boo-yah from pittsburgh and a boo-yah to the greatest man i know, my dad, who's the one who told me to start watching your show. >> he's the man, and i salute him. how can i help? >> caller: what do you think about sprint i? know they're a major holder in -- >> very hard. sprint's very hard because it's very speculative and because i don'
together just last week. this is a breakthrough deal. an india company in pennsylvania, west virginia. this is one of several where a large buyer from overseas comes here to cash in on our bountiful natural gas holdings. we want to learn more about the deal with reliance and the future of this company. let's hear from edward cohen, the chairman and ceo of this winning company atlas energy. welcome to "mad money." have a seat. how you been? >> i've been great. you obviously are great. >> you know, look, we know that there could be bad hearings in washington, we know that greece is weak and portugal's weak. we know an indian company with all kinds of money came to america and bought a gigantic slug of your company. how transformational was this deal? >> for us enormously. i think for reliance, they say it's enormously important to them. they plan to spend up to $5 billion in the next ten years, they announced in their press conference, and we plan to help them spend it. >> all right. now, look, i've got to ask you. this when deal came out i said, all right, how does this company connect
tragedy that befell the coal miners in west virginia along with the pie in the sky solar wind and biomass businesses. oh, man. you can't count on presidential help for natural gas. if these stocks are going to get any assistance, it's coming from abroad. think about reliance industries, just closed $1.7 billion deal for 40% of new cramer fave atlas energies' core marcelus shale acreage. or mitsui's venture with anadarko. those guys have been crushed because of their oil exposure. mitsui paid for 35% of anadarko's marcellus assets. given the massive opportunities in marcellus shale in appalachia and the incredible amount of incredible in marcellus acreage from big foreign players we were intrigued. while reading through a ubs, not -- ubs initiation report on range resources. we saw a name that we weren't familiar with. it's national fuel gas. symbol nfg. do you know this has the largest marcellus acreage per share and the fourth largest overall. maybe you haven't heard of it because nfg is a diversified energy company. part exploration and production business, one part pipeline, part utili
to students at west virginia university. and at 1:45 p.m., richard fisher talks about financial reform in new york. the u.s. weekly inventory data is out at 10:30 in the morning. a dow jones survey is forecast to rise by 1.1 million barrels, gasoline to drop by 700,000 barrels and distillates to increase by 600,000 barrels, as well. president obama will hold a meeting on financial reform today. senator chris dodd's bill is set to go to the full senate floor for debate later this month. steve. >> european markets are trading mildly higher at the moment. ubs and switzerland is too much of a catalyst there. let's get some updates on these markets. market by market, first of all, we're joined by anna would is going to take a look at the ftse. anna, the miners were dragging us lower today. are they say they moving us higher today? >> they are, steve. we're watching this one, of course, because it's you guys in asia have been reporting, we have heard that new hope has increased its bit for the cost of coal over in the australian market and that means the markets are starting to speculate, again, as
. >>> northrop grumman has picked up northern virginia as the site of its new headquarters as they move from los angeles. northrop ruled out competing offers from washington, d.c. and the state of maryland. the company is in talks with several building owners near the pentagon. northrop is the biggest industrial employer in washington with about 40,000 people. in frankfurt, northrop is trading slightly lower, about 0.14%. >>> police in california have seized computers and other devices from the home of this blogger who showed off apple's new iphone. gizmoto.com says authorities raided jason chen's home on friday. last week, chen published phone toes of the next generation iphone mistakenly left behind in a bar. the parent company later admitted payinged 5,000 to get the phone. he returned the phone to apple but claims california law protects journalists and bloggers for that matter from having to turn over their sources of unpublished materials, ross, to police. >> banks are very much in focus here in europe, nicole. germany's biggest bank said the bulk of those profits came from securities. the
is that it is going to you know where. >> he could be wrong. >> in the case, virginia bank shares that somebody tells investors that they think a proposed transaction is a good transaction and they really don't believe that. then they've committed fraud. so, in my view, there's a real problem if people are selling things that they believe don't have the value. >> okay, in my view, there's a real problem with relying on e-mails that are out of context because the bear stearns were recently acquitted in new york based upon unfair reliance. this is irresponsible. >> this is justices, sec, it's civil. >> thank you, all. harvey pitt. thank you, tom, as always. jim, thank you. you're going to be a busy guy today. >>> all right, straight ahead, we're going to talk more about the goldman ripple effect going all through the market and jim had a very interesting point about the options action. >> people are naked. they are just scrambling. >> goldman is down 13.3%. we're back in a minute.  >>> what a wild day out of left field markets move swiftly not aggressively. before we get to the dollar index, y
that there might be a federal criminal investigation regarding that mine explosion in west virginia. spills, investigations and reputational risk the story of the day. scott, we're down almost 2% on the nasdaq this week it looks like to me. so, nasdaq is not up this week along with the dow and s&p. >> technologies lagged, bob. certainly a drag today. down 13%. 13.5% and being dragged down by the three technology stocks. microsoft down 0.6% and apple is down better than 1%. else where in big cap and widely held technology and google is positive, but only a fraction. the stock ticking between positive and negative for most of the day. good earnings and good outlooks and tencor up 2% and ariba fluctuating between positive and negative. revenue also fell as competition picks up among the exchanges. expedia, meantime, down 3% today. earnings beat but revenues came in light and then look at the follow through again today. dendreon shares up 13% and breakthrough cancer drug approved by the fda and off to the races yesterday as you can see at the end of your chart there. let's go down to the nymex
the governor of virginia and slavery or sarah palin talking about a school yard brawl with barack obama. so it's really a -- we're very deeply into a silly season here. they may actually get some stuff done despite it but both parties seem to be doing everything they can to avoid actual serious work. >> mike, you talked about the problem that the republicans may have with messaging that they can't be rooting for a recession. isn't the same thing true with financial regulation? how do you be against it given what just happened? >> that's right. and they need to find some things that they can be for. there's no indication that republicans in the senate want to work with democrats. it's another case where they may be blowing a great opportunity. just today gallop has favorability of the democratic party. the same as republicans. the advantage has been erased. you have republican antics making headlines rather than what they're doing and in the season with a time of volatility in our country, republicans have an amazing chance. i ran into michael barone and we would get a republican house and demo
. joining us now, david joy, riversource investments, chief market strategist. and in richmond, virginia, doug sandler, co-founder of riverfront investment group. start with doug sandler. good morning. >> good morning. >> is this rally just doesn't seem to want to quit. >> well, this is the way a bull market typically works is you have the first year ends up being, you know, a pretty strong cycle and then it's the -- the real trick is to kind of stay on the wave, and that's essentially where we are, is fundamentals have improved, whether it's economics, whether it's earnings, whether it's cds spreads or the spreads that you're seeing in the bond market. on the other hand, valuations far from excessive. it's not cheap, but it's not excessive, so our view is you stay on the wave. we're getting confirmation signals everywhere, and stocks are reasonably priced, especially versus alternative assets. >> so, people can buy comfortably at these levels? >> yeah. i think you can. i think there's a couple sectors we're avoiding. i think the commodity complex is an area that we've trimmed back signi
to west virgi a virginia. i don't think there's even any mountains there, but john denver is singing away. >> "country roads." >> but among our ghosts -- what does exclusive mean, exactly? do you have these people? >> yes, we have all these people sflp. >> are you sure? >> yes. >> they're first here? >> yes. >> so they're not exclusive to any other network? they're first here. yes. >> that's unbelievable. mario gabelli, joe moglia and david sokol. then on monday, warren buffett starting at 8:00 a.m. eastern. don't miss a minute. >>> welcome back, everybody. right now, it's time for a check on the news outside the world of business. contessa brewer is here with a roundup of the headlines. contessa, we never get to see you this early. good morning. >> they woke me up bright and early so i could be here. >>> desperate crews are using fires to fight a massive oil spill threatening the gulf coast. the coast guard now estimates the well is pumping five times more oil per day into the gulf than originally thought, although bp dissxuts that. meantime, time is running out. >>> the republican party
that odd off-year election with virginia, we have an opportunity to stand up and be leaders across the country. >> who can stop you? what can your opponents do to stop you? >> i have a democratic legislature, joe. i've got to figure out a way to work with that democratic legislature to get these things passed. i will tell you that especially in the southern part of our state, we have a lot of voters who are fed up. they're conservative democrats. blue collar democrats. they say that we can't afford to pay for this anymore and we don't want to pay for these benefits. most people in new jersey if they have health benefits pay for them. many public employees are paying nothing toward health care and taxpayers are paying the whole tab. those folks are getting upset about it. unhappy about it. rightfully so. i think we'll be able to put together a coalition of folks who know that this is something we need to do know. >> governor, this is jim paulsen. throwing something out for controversy, what do you worry about when you cut back right now emerging from a recession that you could slow
. the two sides have been talking for 20 months or so. >>> rescue crews are moving into the west virginia coal mine where 25 workers have died in the worst u.s. mining disaster in decades. officials do not expect to find any survivors because of the poisonous gases in the underground tunnels. four miners are still officially listed as missing. >>> president obama and russian president medvedev signing a treaty in prague today. the news conference just ending. >> while the new treaty is an important first step forward, it's just one step on a longer journey. as i said last year in prague, this treaty will set the stage for further cuts and going forward we hope to pursue discussions with russia on reducing both our strategic and tactical weapons including nondeployed weapons. >> the president will host 46 nations including russia and china for a nuclear summit in washington coming up next week. >>> greek five-year cds exceed dubai and iceland as of this morning. >> comments or question, e-mail us at squawk@cnbc.com. when we return, breaking news on the consumer from steve liesman and smoki
west virginia. >> the whole country is going to be for butler except for the harwood household. what's your final score tonight? dukey? >> i just have to hope that as the underdog, duke can hang in there against the forces of the entire world. we'll do our best, you know. >> thanks very much. john harwood. see you tomorrow. >>> up next, ipad mania. they lined up. they paid up. is it the next ipod? what will that mean for apple's stock? it's already up a lot. we got a team to talk about it. >>> meanwhile, check out how shares of apple are trading right now. we have apple shares up about half a percent, up $1.28. geico's been saving people money and who doesn't want value for their dollar? been true since the day i made my first dollar. where is that dollar? i got it out to show you... uhh... was it rather old and wrinkly? yeah, you saw it? umm fancy a crisp? geico. fifteen minutes could save you fifteen percent or more on car insurance. i've been growing algae for 35 years. most people try to get rid of algae, and we're trying to grow it. the algae are very beautiful. they come in bl
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